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According to CryptoSlam data reported on February 16, NFT trading volume over the past seven days has decreased to $112.7 million, a decline of 35.15% compared to the previous week. However, market participation has significantly increased, indicating that despite the lower overall value, interest from new traders is rising. The number of NFT buyers surged by 624.41% to 203,994 individuals; NFT sellers increased by 519.61% to 158,805 individuals; and the number of NFT transactions slightly decreased by 1.41% to 1,443,007. Ethereum network transactions dropped by 41.25% to $56 million, but the number of buyers rose by 81.43% to 30,598. The Mythos Chain network ranked second, with transaction volumes of $13.9 million, up by 4.66%. The Solana network, despite a 32.56% decline, maintained its third position with $11 million. The Polygon (formerly MATIC) network showed strong performance, ranking fourth with transaction volumes of $8.1 million, an increase of 10.76%. The Bitcoin network fell to fifth place, with transaction volumes of $6.7 million, decreasing by 71.42%.

According to Crypto.news, CoinGecko co-founder Bobby Ong stated that the crypto market saw a surge in new token creation in January, minting 600,000 new tokens, a 12-fold increase from the monthly minting of 50,000 tokens from 2022 to 2023. The acceleration of token creation began in the fourth quarter of 2024; the monthly minting quantity reached 400,000 and then jumped to record levels in January. Blockchain networks and DEXs are also rapidly increasing. Data shows that about five to ten new chains go live each month with a peak of seventeen new chains recorded in May 2024. In addition, as many as eighty-nine new DEXs were tracked just in March of 2024. Market analysts warn that this surge could lead to liquidity dispersion. Responding to concerns about market impact, Ong acknowledged potential downsides: "There are too many tokens; every single one will disperse traders' limited attention and liquidity. That's why we haven't seen significant increases like previous cycles."